新浪财经李欣然、刘浩（实习）
在全球经济加速向低碳、可持续转型的背景下，可持续发展正成为金融行业的核心议题之一。然而，市场对可持续相关投资的看法不一，金融机构如何在追求财务回报的同时实现长期可持续发展目标？面对气候变化所带来的长期挑战，金融机构与企业又该如何从可持续商业模式中找出破解之道？新浪财经近日对话西班牙对外银行（Banco Bilbao Vizcaya Argentaria, S.A.，以下简称BBVA）全球可持续发展及企业与投资银行主管Javier Rodríguez Soler先生，深入探讨了可持续金融领域的全球发展趋势、市场机遇与挑战，以及西班牙与中国之间在可持续金融方面的合作潜力。
西班牙对外银行全球可持续发展及企业与投资银行主管Javier Rodríguez Soler先生
Soler先生指出，可持续性是金融行业这十年最大的商业机遇，西班牙市场数据显示，可持续投资组合盈利能力更强，这既因未降低利润率、可持续产品本身盈利更高，也得益于通过数字工具提供定制化可持续咨询服务带来的市场份额提升。对于行业中出现的气候行动抵制情绪，Soler先生认为这是暂时波动，并强调清洁能源、电动汽车等可持续技术具经济合理性且发展势不可挡。此外，索勒先生还表示，银行作为金融中介在支持节能减排中起到关键作用。展望未来，Soler先生坚信可持续金融的规模将持续稳步扩大。他还特别指出，鉴于中国在可再生能源和电动汽车领域处于全球领先地位，而西班牙在可再生能源技术及汽车产业也具有显著优势，双方在这一领域拥有广阔的合作前景。
以下为对话实录：
Q:我们获悉，BBVA计划在2025至2029年间向可持续业务投入7000亿欧元。此番金额相较于2018至2025期间的原有目标（3000亿欧元）翻了一倍多，而这一目标已于2024年12月提前一年达成。BBVA为何如此重视可持续性？
A:可持续性是BBVA的关键战略，我们将能源转型视为公司前行与发展的机遇。正因如此，我们为客户给予支持，提供融资和咨询服务，目的在于助力经济脱碳的同时创造新的商业机遇。气候、自然资本以及社会机遇是我们战略的三大支柱，支撑着我们把握当下，构建更加光明的未来。我们为此设定了新目标：到 2029 年调动 7000 亿欧元投向可持续业务领域。
对我们而言，可持续金融是金融行业这十年来最大的商业机遇。企业对调整生产模式、提高能效的需求日益增长，加之对可持续基础设施的巨额投资，都印证了这一点。
Q:近年来，市场对可持续发展相关投资存在不同看法。一些人认为，此类投资可能会短期牺牲部分财务回报以实现长期可持续性；另一些人则认为，环境、社会及治理（ESG）表现良好的企业实际上能带来更优的投资回报。在您看来，将环境和社会因素纳入投资决策会对回报产生何种影响？在决策环节BBVA如何兼顾短期财务回报与长期可持续发展目标？
A:对BBVA而言，可持续性是盈利增长的驱动力，因此衡量回报至关重要，这能确保我们朝着正确的方向前进。我们主要通过两种方式进行衡量：一方面，我们关注可持续融资的盈利能力。例如，在西班牙市场，我们对比分析了可持续投资组合与其他投资组合的盈利情况，综合结果显示，可持续投资组合的盈利能力更强。
这主要源于两个因素：第一，除特定活动外（就像所有其他商业活动一样），我们不会为了开展可持续发展相关业务而降低利润率；第二，我们提供的可持续类产品本身具有更高的盈利能力。换句话说，这得益于产品组合的优化。
此外，我们正投资开发数字工具，就可持续解决方案（如太阳能板或电动汽车）为客户提供定制化咨询服务，这使我们的市场份额显著提升。
Q:目前一些国家和地区似乎出现了一股对气候行动的“抵制情绪”，部分企业和金融机构因经济压力等因素，对气候行动的热情有所减退。您如何看待这一现象？您认为这种趋势是暂时的波动，还是反映了更深层次的问题？相反，我们了解到BBVA在2025年4月与合作伙伴签署了一份谅解备忘录（MOU），以推动与能源转型和经济脱碳相关的倡议及项目。是什么推动着BBVA对脱碳投资的坚定承诺？
A :尽管存在政治变动和短暂的流行趋势，但可持续技术——如清洁能源发电、电动汽车和能效提升——具有明确的经济合理性。因此，这些技术正被市场日益广泛地采用，其发展不仅可行，而且势不可挡。
当下，我们所有人都需要加倍努力支持清洁能源，应对气候变化和不平等问题。在 BBVA，我们坚信银行部门作为金融中介机构，在支持社会迈向减排之路中发挥着重要作用。银行部门借助自身业务活动，通过将资金引导至实体经济、鼓励创造就业机会、应对数字化及可持续发展等重大挑战以促进经济的发展和社会福祉的提升。
正如我之前所言，我们把可持续性视作一个不可阻挡的机遇。尽管全球环境充满分裂和不确定性，但在BBVA，我们坚信可持续发展在经济和战略层面的重要性正日益提升。可持续转型需要在三个关键领域进行大规模投资：脱碳（为实现《巴黎协定》目标，预计每年需投入全球GDP的5%至10%）、自然资本保护（未来十年需27万亿美元）以及社会发展。银行可通过融资、提供咨询以及加速各行业转型的方式，在其中发挥重要作用。就我们而言，我们已将 2025至2029年间的可持续业务调动目标从3000亿欧元提高到7000亿欧元，承诺力度增加了一倍多。
在BBVA，我们遵循一套统一、连贯的可持续性政策，涵盖从气候变化、生物多样性到水资源、循环经济和社会问题的各个方面。当然，这一统一政策会根据我们运营所在的每个国家的具体实际情况和发展节奏进行调整，包括墨西哥、土耳其、哥伦比亚、秘鲁、阿根廷、西班牙、美国、英国和亚洲地区。
最后，正如你在问题中提到的，2025年4月8日，福建省政府举办了一场推介活动，在活动上我们与宁德时代（CATL）与签署了谅解备忘录，旨在通过战略合作构建两家公司之间的业务关系。
Q:鉴于全球经济的不确定性以及气候变化带来的长期挑战，您认为可持续金融未来的发展前景如何？您认为西班牙与中国在这一领域是否存在未来合作的潜力？
A:正如我在之前的回答中所提到的，可持续发展具有经济合理性，因此其规模将持续扩大。在这一背景下，中国在可再生能源的全球领导地位中发挥着重要作用——不仅在可再生能源的开发方面，还在可再生能源零部件的生产领域。中国在电动汽车市场同样处于领先地位，向其他市场的拓展已成为现实。从这个角度而言，中国与西班牙之间的合作至关重要。西班牙是可再生能源技术开发领域的领先国家之一，也是欧洲最大的汽车生产国之一，拥有高度发达的汽车零部件产业和专业的劳动力队伍。
以下为英文对话原文：
Q: We learned that BBVA plans to channel €700 billion into sustainable business between 2025 and 2029. This is more than double the previous target of €300 billion set for the 2018–2025 period, which it achieved in December 2024, a year ahead of schedule. Why does BBVA prioritize sustainability?
A: Sustainability is a key strategic priority for BBVA. We view the energy transition as an opportunity to move forward and grow. For this reason, we support our clients and offer financing and advisory services with the aim of contributing to the decarbonization of the economy while generating new business opportunities. Climate, natural capital and social opportunities are the three pillars underpinning our strategy to build a brighter future starting today, with a new target to mobilize €700 billion in sustainable business by 2029.
For us, sustainability is the greatest business opportunity for the financial industry this decade. Growing demand from companies seeking to adapt their production models and enhance energy efficiency, along with the major investments in sustainable infrastructure support this claim.
Q: In recent years, the market has seen differing views on sustainability-related investments. Some argue that such investments may sacrifice certain financial returns in the short term to achieve long-term sustainability, while others believe that companies with strong ESG performance can actually deliver better investment returns. In your view, what impact does incorporating environmental and social considerations into investments have on returns? How does BBVA balance short-term financial returns with long-term sustainable development goals in its decision making?
A: For BBVA, sustainability is a driver of profitable growth, so measuring the returns is critical to ensure we are moving in the right direction. We measure this in two main ways. On the one hand, we look at the profitability of sustainable financing. For example, in Spain we analyze the profitability of the sustainable portfolio compared to the rest of the portfolio. The aggregate results show that sustainability is more profitable.
This is primarily due to two factors. First, with the exception of specific campaigns (just like in all other businesses), we do not channel sustainability by reducing margins. Second, the type of products we offer as sustainable have a higher profitability. In other words, it is because of the product mix.
In addition, we are investing in digital tools to provide customized advice on sustainable solutions (e.g. solar panels or electric vehicles), which is enabling us to increase our market share considerably.
Q: There appears to be a "backlash" against climate action, with some companies and financial institutions showing waning enthusiasm for climate action due to economic pressures and other factors. What is your take on this phenomenon? Do you think this trend is a temporary fluctuation or reflects deeper issues? On the contrary, we learned that BBVA signed a Memorandum of Understanding (MOU) with a partner in April 2025 to promote initiatives and projects related to the energy transition and the decarbonization of the economy. What is driving BBVA’s commitment to investments in decarbonization?
A: Despite political shifts and passing trends, sustainable technologies—such as clean power generation, electric vehicles, and energy efficiency—make clear economic sense. As a result, they are increasingly being adopted by the market, making their growth not only viable, but unstoppable.
The current moment demands that we all redouble our efforts to support clean energy and fight against climate change and inequality. At BBVA, we believe in the critical role of the banking sector as an intermediary to support society on its path toward reducing carbon emissions. Through its activity, banking fosters economic development and social well-being by channeling financing to the real economy, encouraging job creation, and addressing major challenges, such as digitization and sustainability.
As I said before, we view sustainability as an unstoppable opportunity. Although the global context is marked by fragmentation and uncertainty, at BBVA, we are convinced that sustainability continues to gain economic and strategic relevance. The sustainable transition requires massive investments in three key areas: decarbonization (estimated at 5% to 10% of global GDP annually to meet the Paris Agreement targets), protection of natural capital ($27 trillion needed over the next decade), and social development. Banks have an essential role to play—not only by financing, but also by advising and accelerating this transformation across all sectors. In our case, we have strengthened our commitment by more than doubling our sustainable business mobilization target from €300 billion to €700 billion for the 2025–2029 period.
At BBVA, we follow a single, coherent sustainability policy that covers all aspects—from climate change and biodiversity, to water, the circular economy, and social issues. Of course, this unified policy is adapted to the specific realities and paces of each country where we operate, including Mexico, Türkiye, Colombia, Peru, Argentina, Spain, the United States, the United Kingdom, and Asia.
And finally, as you noted in your question, on April 8, 2025, the Fujian Province government held a promotional event where CATL and BBVA SA signed an MOU to build the banking relationship between the two companies through strategic cooperation.
Q: Given the uncertainties of the global economy and the long-term challenge of climate change, what do you think the future development of sustainable finance will be? Do you see potential for future cooperation between Spain and China in this area?
A: As I said in the previous answer, sustainability makes economic sense and will therefore continue to grow. In this scenario, China plays a major role in global leadership of renewable energies–not only in their development, but also in the production of renewable energy parts. China is also leading the electric vehicle market and their expansion to other markets is already a reality. In this sense, collaboration between China and Spain is fundamental. Spain is one of the leading countries in the development of renewable technologies and also one of the largest car producers in Europe, with a highly developed auto parts industry and a specialized workforce.
